Boot Barn (BOOT) 45th Annual William Blair Growth Stock Conference summary

Market opportunity and customer segments

• Total addressable market expanded from $20B to $40B by including 'just country' lifestyle customers beyond core Western and work segments.

• Industry remains highly fragmented with only one national brand and many regional and mom-and-pop competitors.

• Competition is rational, with minimal price wars and strong adherence to MAP policies, supporting healthy margins.

Recent performance and growth trajectory

• Fiscal 2025 sales rose 15% to $1.9B, nearly $1B higher than four years ago, with comp sales up 5.5%.

• Post-COVID, average unit volumes jumped from $1.8M to $3.2M, and the retailer now operates in 49 states.

• Fiscal 2026 is off to a strong start, with preliminary same-store sales up 10% in the first nine weeks, exceeding guidance.

Store expansion and format innovation

• Store count is expected to grow by 15% this year, reaching 524-529 locations, with a long-term target of 900 stores.

• New store formats modernize the shopping experience while maintaining Western authenticity, with 150 stores now using the updated design.

• New stores average $3.2M in sales and pay back in 1.8 years, with consistent performance across all regions.